‘GCC states need to remain focused on diversification despite rising oil prices’ – The Peninsula

‘GCC states need to remain focused on diversification despite rising oil prices’ – The Peninsula

Doha: Oil producing countries in the GCC must remain focused on their economic diversification efforts and strategies to become knowledge-based economies despite the recent surge in global oil prices, Minister of State and Chairman of the Qatar Free Zones Authority (QFZA)

H E Ahmad bin Mohamed Al Sayed said while addressing a panel discussion during the Doha Forum yesterday.

Speaking on the topic ‘Creating Sustainable Growth in the Gulf as the World Transitions to Net Zero’, Minister Al Sayed said most Gulf countries have set diversification and sustainable growth as key elements of their national development strategies. However, at a time when the world is witnessing rising oil prices, increased oil demand and oil supply shortages, GCC countries must remain committed to their diversification targets, he said. “It is important to make sure that every country re-emphasise that economic diversification and creating a sustainable business environment is part of their national strategy, which is what most GCC states have. However, with oil prices going up and there is good surplus happening with the budget… I hope we will not forget to focus and to continue emphasising on the importance of diversification here,” the Minister said.

Al Sayed’s statement is echoed by a recent